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3/03/17
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A 157.2k sf, Class A office property in El Segundo sold for $52 mil ($330/sf) in a recent off-market transaction. The building, located at 2300 E. Imperial Ave, was vacant at the time of sale.
2300 E. Imperial Avenue, a seven-story building situated on 4.57 acres, was initially constructed in 1964 and renovated in 2000 with new common areas and parking structure. The building features efficient floor plates, creative space, and some of the most dynamic airport views in Los Angeles. It is situated adjacent to Los Angeles International Airport (LAX), the building lies near several retail, dining, financial and professional services amenities, and provides excellent access to the 105, 405 and 110 freeways.
Chris Sinfield and Tom Sheets with Cushman & Wakefield represented the seller, V.C.I. Corporation, in the transaction. According to Sinfield, the building represents one of the largest blocks of Class A office space in the market and is well suited for the next generation office user.
“El Segundo is an in-demand corporate location and finished as one of the top-performing office submarkets in Greater Los Angeles (GLA) with over 1 msf of leasing activity resulting in over 200k sf of occupancy growth in 2016,” Sheets noted, “Vacancy in this submarket has fallen below 13 percent, down from over 18 percent two years ago and just below GLA’s recent regional average of 14.1 percent, according to Cushman & Wakefield’s latest market reports.”
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